Sicilian Oven, a polished-casual pizza chain with 10 restaurants in South Florida, has received a private-equity investment.
New York-based Goode Partners made a strategic investment in the brand, with plans to help it grow both within Florida and beyond. Financial terms were not disclosed.
Founded in 2008 in Fort Lauderdale by restaurateurs Ralph DiSalvo and Andrew Garvuso, Sicilian Oven specializes in wood-fired pizza as well as other Italian fare, such as pasta and panetta sandwiches. There’s an emphasis on Sicilian cuisine, with specialties such as cervelleta rope sausage and calamari. Its pizza has been recognized as some of the best in Florida by local media outlets.
Dan Bonoff, partner at Goode, praised the brand for its “consistently outstanding food and approachable price point.”
“Given the appealing unit economics and geographic white space, we believe the Company is extremely well positioned for meaningful expansion, and we’re excited to be a part of it,” he said in a statement.
Goode invests in consumer brands and has stakes in several restaurant companies, including Silver Diner, Stonefire Grill and Wings ‘N More. In 2006, it acquired Chuy’s when the brand had just eight locations, growing it to 75 units and exiting when the chain went public in 2013 for an 8.6x return.
Now it will aim to put Sicilian Oven on a path to growth. “With Goode’s support and resources, we’re looking forward to expanding our footprint, creating new opportunities for our team, and bringing the Sicilian Oven experience to more communities,” DiSalvo said in a statement.
Goode’s equity investment was supported by debt financing from Gladstone Capital Corporation and Mitsubishi HC Capital America. Goode was advised by Cowan, DeBaets, Abrahams & Sheppard, Egan Nelson and CM Law. The sellers were represented by Berger Singerman LLP and Geraty Investments.
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